
\begin{table}[htbp]
\begin{center}
\begin{scriptsize}
\begin{tabular}{l D{.}{.}{3.5} D{.}{.}{3.5} D{.}{.}{3.5} D{.}{.}{3.5} D{.}{.}{3.5}}
\toprule
 & \multicolumn{1}{c}{(1)} & \multicolumn{1}{c}{(Democracies)} & \multicolumn{1}{c}{(Autocracies)} & \multicolumn{1}{c}{(4)} & \multicolumn{1}{c}{(5)} \\
\midrule
Losses Cycle$_{t-1}$                                      & 0.62^{***}              & 0.56^{***}              & 0.56^{***}              & 0.62^{***}              & 0.57^{***}              \\
                                                          & (0.03)                  & (0.05)                  & (0.06)                  & (0.03)                  & (0.03)                  \\
GDP Output Gap$_{t-1}$                                    & -0.01                   & -0.03^{***}             & -0.01                   & -0.01                   & -0.01                   \\
                                                          & (0.01)                  & (0.01)                  & (0.01)                  & (0.01)                  & (0.01)                  \\
Democracy$_{t-1}$                                         & 0.02                    &                         &                         & 0.02                    & 0.03                    \\
                                                          & (0.03)                  &                         &                         & (0.03)                  & (0.03)                  \\
Democracy$_{t-1}$ $\times$ GDP Output Gap$_{t-1}$         & -0.02                   &                         &                         & -0.02                   & -0.02^{*}               \\
                                                          & (0.01)                  &                         &                         & (0.01)                  & (0.01)                  \\
Residential electricity price (USD/MWh using PPP)$_{t-1}$ &                         & -0.01                   & 0.03                    & -0.00                   & 0.01                    \\
                                                          &                         & (0.02)                  & (0.03)                  & (0.01)                  & (0.01)                  \\
State Capacity$_{t-1}$                                    &                         &                         &                         &                         & -0.11^{**}              \\
                                                          &                         &                         &                         &                         & (0.04)                  \\
Imports$_{t-1}$                                           &                         &                         &                         &                         & 0.00                    \\
                                                          &                         &                         &                         &                         & (0.00)                  \\
Exports$_{t-1}$                                           &                         &                         &                         &                         & -0.00^{**}              \\
                                                          &                         &                         &                         &                         & (0.00)                  \\
Population (log)$_{t-1}$                                  &                         &                         &                         &                         & 0.04                    \\
                                                          &                         &                         &                         &                         & (0.23)                  \\
Real GDP per capita (log)$_{t-1}$                         &                         &                         &                         &                         & -0.02                   \\
                                                          &                         &                         &                         &                         & (0.07)                  \\
Electricity Consumption$_{t-1}$                           &                         &                         &                         &                         & -0.00                   \\
                                                          &                         &                         &                         &                         & (0.00)                  \\
Population Density$_{t-1}$                                &                         &                         &                         &                         & -0.00                   \\
                                                          &                         &                         &                         &                         & (0.00)                  \\
\midrule
Year dummies                                              & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} \\
Country fixed-effects                                     & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} \\
Number of countries                                       & 56                      & 39                      & 27                      & 56                      & 54                      \\
Adj. R$^2$                                                & 0.55                    & 0.51                    & 0.64                    & 0.55                    & 0.57                    \\
Num. obs.                                                 & 675                     & 422                     & 252                     & 675                     & 666                     \\
\bottomrule
\multicolumn{6}{l}{\tiny{$^{***}p<0.01$; $^{**}p<0.05$; $^{*}p<0.1$}}
\end{tabular}
\end{scriptsize}
\caption{Ciclicality of Electricity Losses in Autocracies and Democracies controlling for Electricity Prices in the Residential Sector}
\label{tab:prices}
\end{center}
\end{table}
